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News Breaks
July 11, 2014
12:08 EDTBTI, RAI, ITYBY, LOLorillard jumps after confirming buyout talks with Reynolds
Cigarette makers Lorillard (LO) and Reynolds American (RAI) confirmed earlier today that they are holding talks about a possible acquisition of Lorillard by Reynolds. Wells Fargo predicted that the deal could be announced as soon as today or early next week. WHAT'S NEW: Lorillard and Reynolds American are holding discussions about a potential acquisition of Lorillard by Reynolds, the two companies stated this morning. The U.K.'s Imperial Tobacco (ITYBY) said that it had held talks with Lorillard and Reynolds about buying assets from them. British American Tobacco (BTI), which has a 42% stake in Reynolds, expects to buy additional shares of Reynolds if the latter company acquires Lorillard, Reynolds reported. The British company would maintain its existing stake in Reynolds if it does buy Lorillard, Reynolds added. ANALYST REACTION: In a note to investors earlier today, Wells Fargo predicted that an acquisition of Lorillard by Reynolds could be announced as soon as today or early next week. The firm continues to believe that there is a 90%-plus chance of the deal taking place. Wells expects Reynolds to pay a 20% premium to Lorillard's closing price yesterday of $63.09. It reiterated Outperform ratings on both names. PRICE ACTION: In late morning trading, Lorillard climbed 4% to $65.50 and Reynolds fell 2% to $61.
News For LO;RAI;BTI;ITYBY From The Last 14 Days
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November 20, 2014
07:15 EDTRAIWells Fargo to hold a conference
2nd Annual E-Cig Conference is being held in New York on November 20.
November 18, 2014
06:30 EDTRAIReynolds American to launch new cigarette that only heats tobacco, WSJ reports
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November 14, 2014
17:13 EDTLOAppaloosa gives quarterly update on stakes
NEW STAKES: NXP Semiconductors (NXPI), Lorillard (LO), Alibaba (BABA), and Shire (SHPG). INCREASED STAKES: Whirlpool (WHR), Priceline (PCLN), Delta (DAL), CBS (CBS), and General Motors (GM). DECREASED STAKES: American Airlines (AAL), Disney (DIS), Apple (AAPL), MGM Resorts (MGM), and Eastman Chemical (EMN). LIQUIDATED STAKES: Expedia (EXPE), AIG (AIG), Prudential (PRU), Celanese (CE), and ASML Holding (ASML).
November 13, 2014
11:35 EDTRAIReynolds American to host investor day
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06:36 EDTBTIBritish American Tobacco fined $1.03M by U.K. government, WSJ reports
British American Tobacco has been fined $1.03M by the U.K. government for oversupplying cigarettes in Belgium, sources tell the Wall Street Journal. The fine, levied by HM Revenue & Customs, marks the first incident in which a major tobacco company has been penalized for "oversupply of products to high-risk overseas markets" in the U.K. Reference Link

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